All we try to do is buy a dollar for 40 cents.

The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.

There is always something to do. You just need to look harder, be creative and a little flexible.

The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.

They really can’t afford to be contrarians. A major investment house can’t afford to do research for five customers who won’t generate a lot of commissions.

Why will someone sell you a dollar for 50 cents? Because in the short run, people are irrational on both the optimistic and pessimistic side.

I think that intelligent forecasting (company revenues, earnings, etc.) should not seek to predict what will in fact happen in the future. Its purpose ought to be to illuminate the road, to point out obstacles and potential pitfalls and so assist management to tailor events and to bend them in a desired direction. Forecasting should be used as a device to put both problems and opportunities into perspective. It is a management tool, but it can never be a substitute for strategy, nor should it ever be used as the primary basis for portfolio investment decisions.